The results beat analysts’ expectations for 1.94 a share on revenue of $1.62 billion.

The big standout in the quarter was the company’s new MS oral drug, Tecfidera, which logged sales of $192 million, more than double than the Street was expecting. Analysts eventually expect Tecfidera and other pill treatments will replace the injectable therapies that currently dominate the market.

Biogen is already seeing some cannibalization, with some patient switching to the new option from its MS infusion Tysabri; still, Tysabri saw revenue climb 38%.

In addition, the company raised its full-year forecast, guiding for earnings per share between $8.25 and $8.50 a share, on revenue growth of 22% to 23%. Last quarter, the company said it expected to earn $7.80 to $7.90 a share on revenue growth of 16% to 18%.

RBC Capital Markets analyst Michael Yee reiterated his Outperform rating and $275 price target on the stock, writing “Our long-term thesis is positive in that 1) estimates generally still need to go up for FY14-15 due to Tecfidera doing better than expected and the high margin sales flow all to the bottom line (ie earnings leverage), plus Avonex core business doing better than expected, 2) it’s really all about 2014-15 pipeline readouts which aren’t really in estimates all could be upside (SMN-Rx w/ ISIS, STX-100 for IPF lung disease, anti-LINGO for neurology is biggest open-ended opportunity, and Tysabri in SPMS could double sales). That said, in short-medium term, the back-drop is mgmt stated the EU “exclusivity” decision for Tecfidera launch is taking longer than expected and suggested visibility still unclear so this will be a binary event. If they don’t get exclusivity, stock may fall to $200 and would be buying opportunity as it’s only a 10-15% EPS hit but then pipeline is all upside.”

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Earnings reports, corporate strategies and analyst insights are all part of what moves stocks, and they’re all covered by the Stocks to Watch blog. We also look at macro issues, investor sentiments and hidden trends that are affecting the market. Stocks to Watch gives you the full picture of the U.S. stock markets, all day long.

The blog is written by Ben Levisohn, a former stock trader who has covered financial markets for the Wall Street Journal, Bloomberg and BusinessWeek.